Fortinet (NASDAQ:FTNT) Shares Down 1.5% – What’s Next?

Shares of Fortinet, Inc. (NASDAQ:FTNT) dropped 1.5% during trading on Tuesday . The company traded as low as $89.67 and last traded at $90.49. Approximately 1,540,185 shares changed hands during trading, a decline of 72% from the average daily volume of 5,493,108 shares. The stock had previously closed at $91.88.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Cantor Fitzgerald lifted their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday. Citigroup raised their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Rosenblatt Securities raised their price objective on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. Raymond James raised their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market capitalization of $70.86 billion, a P/E ratio of 46.69, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The business has a 50 day moving average of $81.71 and a 200-day moving average of $69.89.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last ninety days. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the company. Apollon Wealth Management LLC boosted its holdings in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden boosted its holdings in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Sarasin & Partners LLP boosted its holdings in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after acquiring an additional 395,477 shares during the period. Cetera Investment Advisers boosted its holdings in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after acquiring an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC boosted its holdings in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after acquiring an additional 40,277 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.